November 08, 2024 – Yangzhou Tianfulong Group Resumes IPO Journey with New Accounting Firm and Updated Financials
Yangzhou Tianfulong Group Co., Ltd. (hereinafter referred to as “Tianfulong”), a leading high-tech enterprise specializing in the research, development, and sales of differentiated polyester staple fibers, has recently made progress in its Main Board IPO application after a two-month suspension. According to the Shanghai Stock Exchange (SSE), Tianfulong has appointed Rongcheng Certified Public Accountants (Special General Partnership) as its new accounting firm and updated its financial information, signaling the resumption of its journey towards an A-share listing.
Previously, Tianfulong’s IPO application was accepted by the SSE on June 9, 2023, and entered the inquiry stage on July 7th of the same year. However, on August 27, 2024, the SSE suspended the review of its listing due to regulatory measures imposed on the company’s securities service provider by the China Securities Regulatory Commission (CSRC). As a prominent player in the industry, Tianfulong boasts two major product lines: recycled colored polyester staple fibers and differentiated composite fibers.
According to AsiaMB’s industry insights, Tianfulong currently operates 29 state-of-the-art fiber manufacturing lines with an annual design capacity of nearly 586,000 tons. Financial data reveals that the company achieved revenues of RMB 2.857 billion, RMB 2.576 billion, RMB 3.336 billion, and RMB 1.784 billion in 2021, 2022, 2023, and the first half of 2024, respectively. During the same periods, its net profits were RMB 450 million, RMB 358 million, RMB 431 million, and RMB 225 million, respectively. Tianfulong’s recycled colored polyester staple fibers are widely used in automotive interiors, flooring materials, home textiles, and more, while its differentiated composite fibers, including low-melting-point staple fibers and polyolefin composite staple fibers, enjoy strong market demand.
With this IPO, Tianfulong aims to raise RMB 790 million to fund projects such as the annual production of 170,000 tons of low-melting-point polyester fibers, 10,000 tons of high-elasticity low-melting-point fibers, and the construction of a research and development center. As Tianfulong updates its financials and resumes its IPO journey, the market eagerly anticipates its future growth and success.